British economy grows 1.2%

The British economy grew by 1.2 percent in the second quarter, which marked the fastest pace since the first quarter of 2001, official data confirms.

The third and final estimate of gross domestic product (GDP) for the April-June period was unchanged from the previous reading given last month, the Office for National Statistics said in a statement.

The economy meanwhile grew 1.7 percent in the second quarter compared with output in the same part of 2009. This was also unchanged from the prior figure.

Both readings were in line with market expectations for no change, according to analysts polled by Dow Jones Newswires.

The ONS added on Tuesday that the British economy shrank by more than previously thought last year, contracting by 5.0 percent in 2009 instead of the earlier estimate of 4.9 percent.